![]() ![]() But, of course, Facebook's security technology isn't exactly iron-clad either. To be clear, Venmo has faced its fair share of privacy issues, and there have been reports of users having difficulties with customer services when there have been issues with their accounts. Again, this not me saying PayPal or Venmo are unsafe in any way, this is just my personal preference. It may just be an irrational fear, but I feel like the fact PayPal and Venmo are known sources of personal and financial information, at least compared to Facebook, makes them more of a likely target by someone looking to drain a bank account, or max out a card. Neither platform is technically more vulnerable than the other, and both are extremely safe and reliable to use, but I personally feel more comfortable keeping my money with Facebook. Facebook says it does plan to offer Messenger payments internationally, but hasn't specified if and when it will be coming to the UK.Apps like Venmo and Facebook Messenger both employ bank-level security tools, including multiple layers of identity verification and encryption, to protect your payment information. Most notably, Snapchat launched a similar service, dubbed Snapcash, late last year, while standalone apps such as Barclays Pingit offer comparable features here in the UK. It seems likely that once Facebook has seeded the idea of sending money to friends, the scheme will be extended to cover payments for games and other products, for which Facebook could earn commission.įacebook's by no means the first service to offer such peer-to-peer payments. Facebook doesn't take any commission on money transfers, although the service can only be used for personal transactions between friends and family and not for businesses, before retailers get excited about avoiding merchant fees. Facebook also offers two-step authentication as standard, ensuring that nobody can log in with your details on unauthorised devices.įacebook says the money is transferred to the recpient right away, although it can take up to three business days before it can be withdrawn from a bank. iPhone and iPad users can use the Touch ID fingerprint recognition to verify transactions on compatible devices. What's more, Facebook gives users the option of being forced to enter a PIN before money can be transfered. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe." These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control. "We use layers of software and hardware protection that meet the highest industry standards. "We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you," Facebook explains in a blog post introducing the new system. However, Facebook is at pains to elaborate on the ways in which it secures transactions. The feature requires both sender and receiver to first hand over their card details to Facebook, and the service currently only works with debit cards, not credit cards, which in the UK offer less protection against fraud. The service, which is currently rolling out in the US, lets you transfer small sums of money to acquaintances by doing nothing more than tapping a dollar sign and typing the amount that you wish to send. Once there was a time when all you could do was "poke" friends on Facebook - now you can pop money directly into their bank accounts with a new feature in Facebook Messenger.
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